( 僅 就 重 組 目 的 ) ( 股份代號 : 0731 ) 森 信 紙 業 集 團 有 限 公 司 ( 已 委 任 蔭 時 清 盤 人 ) ( 於 百 慕 達 註 冊 成 立 之 有 限 公 司 ) K 中 期 報告 202012021 森信紙業集團有限公司（「本公司」）董事會（「董事會」）謹此公佈本公司及其附屬公司（「本集團」）截至二零二零年 九月三十日止六個月之未經審核簡明綜合中期業績如下。 簡明綜合損益表 截至二零二零年九月三十日止六個月 | --- | --- | --- | --- | |---------------------------------|-------|-----------------------------------------------------------|---------------------| | | 附註 | 未經審核 \n截至九月三十日止六個月 \n二零二零年 \n千港元 | 二零一九年 \n千港元 | | | | | | | 收益 | 5 | 2,143,283 | 3,002,069 | | 銷售成本 | | (2,171,947) | (2,70 ...

Financial Performance - Revenue for the six months ended September 30, 2019, was HKD 3,002,069, a decrease of 3.5% compared to HKD 3,110,500 in the same period of 2018[4] - Gross profit for the same period was HKD 293,842, down 5.4% from HKD 310,779 in 2018[4] - Operating profit decreased to HKD 95,498, a decline of 8.9% from HKD 104,815 in the previous year[4] - Profit before tax was HKD 63,795, down 9.1% from HKD 70,060 in 2018[4] - Net profit for the period was HKD 51,219, a slight decrease of 2.2% compared to HKD 52,347 in the same period last year[4] - Basic earnings per share decreased to HKD 3.9 cents from HKD 4.1 cents in 2018[4] Assets and Liabilities - Total assets as of September 30, 2019, were HKD 6,563,328, an increase from HKD 6,522,844 as of March 31, 2019[8] - Current liabilities increased to HKD 3,258,314 from HKD 3,183,004 in the previous period[8] - As of September 30, 2019, total equity amounted to HKD 2,035,926,000, with attributable equity to owners at HKD 1,818,067,000[26] - Total borrowings as of September 30, 2019, were HKD 2,324,362,000, down from HKD 2,747,219,000 as of March 31, 2019[85] - The company had capital commitments of HKD 153,820,000 for property, plant, and equipment as of September 30, 2019[94] Cash Flow - Cash generated from operating activities was HKD 512,849, significantly up from HKD 200,269 in the same period last year[14] - The company reported a net cash outflow from financing activities of HKD 416,598 compared to a cash inflow of HKD 41,945 in the previous year[19] Comprehensive Income - The comprehensive income for the period included a profit of HKD 51,219,000, with a total comprehensive income after tax of HKD (124,934,000)[26] - The total comprehensive income for the six months ended September 30, 2019, was negatively impacted by a currency translation loss of HKD 286,745,000[26] Business Segments - The company’s main business segments include paper manufacturing, sales of paper products, and property development, among others[28] - Total segment revenue for the group reached HKD 3,227,715, with trade contributing HKD 2,395,961 and paper manufacturing HKD 767,342[56] - Revenue from external customers amounted to HKD 3,002,069, with trade generating HKD 2,226,868 and paper manufacturing HKD 731,949[56] Market Performance - Revenue from Hong Kong decreased to HKD 320,620,000, down 19.6% from HKD 398,852,000 in 2018[67] - Revenue from China increased slightly to HKD 2,479,923,000, up 0.4% from HKD 2,470,809,000 in 2018[67] - Sales volume increased significantly by 16.2% to 575,800 tons, while total revenue decreased by 3.5% to HKD 3,002,100,000 due to weak average selling prices of paper products[123] Financial Management - The company has not experienced significant changes in risk management policies since the end of the last fiscal year[36] - The group’s financing costs have remained consistent, reflecting stable financial management practices[48] - The debt-to-asset ratio improved to 47.9% from 50.5%, and if excluding unrealized exchange losses, it would be 45.8%[125] Corporate Governance - The company has complied with the corporate governance code during the six-month period ending September 30, 2019[171] - The board consists of five executive directors and three independent non-executive directors as of the report date[172] Future Plans - The company aims to strengthen its product line and sales strategy in the Chinese market to increase market share and revenue[129] - The group plans to acquire more distribution rights in the fast-moving consumer goods sector to expand its product portfolio and attract a wider customer base[135] - The group aims to establish a new office in Vietnam to explore more opportunities and diversify regional markets[135]

Financial Performance - The company's revenue for the fiscal year ending March 31, 2019, was HKD 5,907,821, an increase of 2.6% compared to HKD 5,759,596 in the previous year[14]. - Gross profit rose by 4.41% to HKD 560,000,000, with a gross margin increase from 9.31% to 9.48%[28]. - Profit attributable to the company's owners was approximately HKD 109,200,000, with a 46.1% increase to HKD 77,500,000 when excluding fair value gains[28]. - Overall revenue for the fiscal year increased by 2.6% to approximately HKD 5,907.8 million, despite a 1.1% decrease in sales volume to about 985,000 tons[38]. - Total revenue increased by 2.6% to approximately HKD 5,907.8 million compared to HKD 5,759.6 million in the previous year[44]. - The profit attributable to the company's owners for the fiscal year was HKD 109,206,000, a decrease of 44.5% compared to HKD 196,755,000 in the previous year[147]. Dividends and Reserves - The board proposed a final dividend of HKD 0.02 per share, bringing the total dividend for the year to HKD 0.024 per share, with a payout ratio of approximately 28.0%[28]. - The company declared an interim dividend of HKD 0.004 per share, totaling HKD 5,092,000, and proposed a final dividend of HKD 0.02 per share, amounting to HKD 25,463,000[137][138]. - The company's distributable reserves as of March 31, 2019, were HKD 256,443,000, down from HKD 291,427,000 in the previous year[142]. Assets and Liabilities - Non-current assets increased to HKD 2,989,026 from HKD 2,802,006 year-on-year[14]. - Current assets decreased to HKD 3,533,818 from HKD 3,864,964 year-on-year[14]. - Current liabilities increased slightly to HKD 3,183,004 from HKD 3,115,913 year-on-year[14]. - Total assets as of March 31, 2019, amounted to HKD 6,522,844,000, while total liabilities were HKD 4,336,521,000, resulting in total equity of HKD 2,186,323,000[147]. Business Segments and Operations - The company has diversified its operations into office supplies, fast-moving consumer goods, and logistics services, reducing risk amid global economic uncertainties[28]. - The paper manufacturing business saw sales volume and revenue increase by 8.5% and 20.2%, respectively, driven by strong demand in China and prudent credit strategies[29]. - The trading business, particularly in FMCG, performed well, with revenue from this segment increasing by 25.4% due to the expansion of the distribution network into mainland China[29]. - Revenue from the property investment segment rose by 13.7% to HKD 22.6 million, with ongoing projects in Xiamen and Nantong contributing positively[29]. - Revenue from office supplies and fast-moving consumer goods grew by 15.0% to approximately HKD 661.9 million[50]. Financial Position and Ratios - Cash and bank balances amounted to approximately HKD 516.8 million, with a debt-to-asset ratio of 50.5%, indicating a reasonable financial position[39]. - The group's debt-to-equity ratio was 50.5% as of March 31, 2019, compared to 45.9% in 2018, with net debt amounting to approximately HKD 2,230.5 million[65]. - The group maintained a current ratio of 1.11 times as of March 31, 2019, down from 1.24 times in 2018[65]. - The group had approximately HKD 3,533.8 million in cash and other current assets as of March 31, 2019, compared to HKD 3,865.0 million in 2018, indicating a decrease in liquidity[65]. Corporate Governance and Management - The group is committed to maintaining high standards of corporate governance and regularly reviews its governance practices to ensure compliance with applicable regulations[68]. - The group appointed Mr. Chan Kit Ying as Chairman and Mr. Lee Cheng Yan as CEO, with clear role distinctions between the two[76]. - The remuneration committee reviewed and approved the salary and bonuses for executive directors and key management personnel, with a 100% attendance rate at their meeting[79]. - The audit committee, consisting of independent non-executive directors, oversees the financial reporting process and internal controls, ensuring compliance with applicable laws and regulations[81]. Environmental and Social Responsibility - The group emphasizes environmental sustainability by promoting the use of recycled paper and energy-saving lighting[110]. - The group has established a closed-loop water reuse system to recycle water from production lines[110]. - The group actively participates in community care activities, including donations and sponsorship of events to support those in need[130]. - The company made charitable donations totaling HKD 319,000 during the fiscal year[139]. Employee Management - The group has established a comprehensive employee compensation assessment system, including a stable salary increase mechanism and sales commission system, to retain and attract talent[113]. - The group emphasizes employee health and safety, conducting regular health checks and maintaining a safe working environment[116]. - The group has a safety committee that conducts monthly safety reports and promotes safety awareness among employees[116].